Obamas Making Bank
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On February 28, the former president and former first lady of the United States, Barack and Michelle Obama, signed a book deal with Penguin Random House. The decision came after much anticipation and much competition between multiple publishing companies.
“We are absolutely thrilled to continue our publishing partnership with the president and Mrs. Obama,” said Penguin Random House CEO Markus Dohle.
The Obamas are following in the footsteps of many other former commander-in-chiefs and first ladies who have gone on to sign multi-million dollar book deals after stepping out of the White House. However, many aspects of the deal seem unprecedented. It is not common for the wife and husband to sign a joint book deal and the Obamas are expected to receive an advance far greater than that of those who have come before them. The joint deal’s estimated value of more than $65 million is record-setting for presidential memoirs.
Despite the joint deal, the Obamas’ memoirs will be published separately. They will be publishing under Penguin Random House’s Crown imprint, who previously published Mrs. Obama’s American Grown and Mr. Obama’s Dreams of My Father and The Audacity of Hope. Their previous books have gone on to become best-sellers, making them millions, and nothing less is expected of their future works.
In the midst of landing a massive multi-million dollar deal, the Obamas have not forgotten the importance of giving back. It has been reported that the family will donate part of their advance to charitable organizations such as their very own Obama Foundation. Penguin Random House will also donate one million books to First Book, an organization that provides books to disadvantaged youth, in the name of the former first family.
“With their words and their leadership, they changed the world, and every day, with the books we publish at Penguin Random House, we strive to do the same. Now, we are very much looking forward to working together with President and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance,” continued Dohle.
With Penguin Random House securing international rights to the Obamas’ future works and the couple’s previous publishing ventures, it is expected that this book deal will lead to great success for all involved.